MajorsApr 29, 2026
The Thought Process Behind the Mother's Day Email Opt-OutSome retailers are taking a nuanced approach to marketing what can be a difficult holiday for many.
SourcingApr 02, 2019
Eurostar Diamond Traders Goes Into Bankruptcy
The diamond wholesaler’s debt reportedly tops $500 million.
Antwerp—Eurostar Diamond Traders, one of the world’s largest diamond manufacturers, has entered into bankruptcy.
The Antwerp Corporate Court ruled in favor of bankruptcy Thursday.
Prior to that ruling, the Antwerp Court of Appeal had denied the company’s request for a judicial reorganization, according to Belgian newspaper De Tijd.
The appeals court reportedly valued the company’s debt at 500 million euros ($560.4 million) and stated Eurostar had “lost the trust of its main creditors”, which includes ABN AMRO, Standard Chartered Bank, KBC Bank and Bank of India.
Eurostar Diamond Traders did not respond to National Jeweler’s request for comment Monday, but founder and Chairman Kaushik Mehta told Rapaport News that the company will appeal the decision.
The company pointed the finger at its major creditors, ABN Amro and Standard Chartered, accusing the banks of taking an aggressive approach regarding its debts.
ABN Amro did not respond to a request for comment when contacted Monday. Standard Chartered declined to comment on the case.
Founded by Mehta in 1978, Eurostar climbed the ranks to become one of Belgium’s largest diamond companies, setting up shop across the world in Botswana, China, Hong Kong, India, the United Arab Emirates and the United States, according to the company website.
At its height, the company brought in billions of dollars and landed the Mehta family the title of one of Belgium’s wealthiest families, according to De Tijd.
It’s been a rough road in recent years as the company battled a dip in sales and the loss of its status as a De Beers sightholder, which gives a company exclusive access to De Beers’ rough diamonds.
Eurostar had been a sightholder since 1986, but, as of Monday, did not appear on the De Beers’ current list of sightholders.
In its latest annual report, Eurostar cited falling demand for diamonds, especially in Asia, high prices for rough diamonds, and a lack of credit as the reasons behind its struggle, as per De Tijd.
During proceedings in September, Eurostar allegedly claimed its diamonds were worth more than $132 million, but the numbers weren’t quite adding up.
In November, the company reportedly admitted to the court that its diamonds were only worth $25 million, a figure the Antwerp court is still questioning following an evaluation.
The stock was reportedly estimated to be worth only $10 million and not all the stones were owned by Eurostar.
In denying the company’s request to reorganize, the Court of Appeals ruled that Eurostar
Editors' Picks
Sponsored by
“no longer has tradable diamonds” and cannot continue to operate.
More on Sourcing
The Latest
IndependentsApr 29, 2026
Dick Abbott to Retire From The EdgeThe Edge has announced its new CEO, as well as a new partnership with an investment firm focused on founder-led software businesses.
AuctionsApr 29, 2026
This'll Be the Day You Own John Wayne's RingA signet ring belonging to the Western film star of Hollywood’s Golden Age will be up for auction at Elmwood’s next month.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Policies & IssuesApr 28, 2026
Tariff Refunds: How to File, What to Expect Importers can submit claims now to receive money back for the IEEPA tariffs they’ve paid, with refunds expected to take up to 90 days.
Weekly QuizApr 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsApr 28, 2026
This North Carolina Jeweler Is Passing the TorchThe owners of Gregory Jewelers in Morganton, North Carolina, are heading into retirement.
SourcingApr 28, 2026
NDC Hires Tapestry Exec to Head Global Marketing Susie Dewey joins the Natural Diamond Council as its new chief marketing officer.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
AuctionsApr 27, 2026
12 Years Later, the ‘Ocean Dream’ Diamond Resurfaces at Christie’sThe largest known fancy vivid blue-green diamond could fetch more than $12 million at its second auction appearance.
ColumnistsApr 27, 2026
Stop Treating Mother’s Day Like an AfterthoughtEmmanuel Raheb says jewelers need to start marketing early and make it easy for customers to pick a gift for mom.
IndependentsApr 27, 2026
Longnecker Jewelry Celebrates 30 YearsIn honor of the milestone, the Nebraska jeweler has debuted Leslie & Co., its new in-house jewelry brand.
MajorsApr 27, 2026
JBT Re-Elects Jeff Corey as Board ChairThe trade organization, which held its annual elections earlier this year, also added five new board members.
SurveysApr 24, 2026
Mother’s Day 2026 Jewelry Spending to Top $7B, NRF SaysNRF’s annual survey found that 45 percent of consumers plan to purchase jewelry for a loved one this Mother’s Day.
TechnologyApr 24, 2026
TwentyFour’s Digital-Age Locket Is a Virtual VaultThe “Vault” charm, our Piece of the Week, expands on the memories that can be stored in a locket by connecting to your phone.
Events & AwardsApr 24, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
IndependentsApr 23, 2026
Meet the Real Moms of Day’s JewelersThe jeweler’s Mother’s Day campaign highlights the women who work there—mothers, grandmothers, women who want to be mothers, and dog moms.
Supplier BulletinApr 23, 2026
JM® Shipping Solution: Smarter Shipping for High-Value GoodsSponsored by Jewelers Mutual
Lab-GrownApr 23, 2026
Charles & Colvard May Sell Assets for $1.5MThe proposed agreement follows the moissanite maker’s Chapter 11 bankruptcy protection filing last month.
AuctionsApr 23, 2026
John Jacob Astor IV’s Titanic Pocket Watch Fetches $1MThe Patek Philippe for Tiffany & Co. timepiece Astor brought aboard the ill-fated ship sold for double its estimate at a Freeman’s auction.
CollectionsApr 23, 2026
Adam Neeley’s High Jewelry Collection Steps Into Salvador Dalí’s GardenThe “Dalí’s Garden” collection was inspired by a surreal dream Neeley had after cooking a recipe from Salvador Dalí’s 1973 cookbook.
IndependentsApr 23, 2026
Windsor Jewelers Names New Buying DirectorNatalie Feanny has been appointed to the role.
CrimeApr 22, 2026
New Mexico Couple Pleads Guilty to Selling Fake Native American JewelryThe pair falsely claimed their jewelry was made by Navajo artists, but it was imported from Vietnam.
AuctionsApr 22, 2026
Roberta Flack’s Jewelry Is Going Up for AuctionJulien’s Auctions is selling the musician’s fine and fashion jewelry alongside her clothing, gold records, and other memorabilia.
CollectionsApr 22, 2026
British Museum Curator Pens Book on ‘The Tudor Heart’Rachel King’s book dives into the history of the pendant believed to have belonged to Henry VIII and his first wife, Katherine of Aragon.
Events & AwardsApr 22, 2026
Here’s What Sy Kessler Has on Tap for Las Vegas The company will have deals on precious metals testers as well as the latest in lab-grown diamond detection technology and security.
WatchesApr 21, 2026
Coco Chanel Enters the Game with New Watch CollectionGabrielle “Coco” Chanel is a character in the “Coco Game” collection of watches and the queen in its first haute horlogerie chessboard.
IndependentsApr 21, 2026
Meet Jewelers of America’s 2026 ‘20 Under 40’ ClassThe annual list honors rising professionals on the retail and supply sides of the jewelry industry.
